Myer news and archive

Myer H1 sales decline by 13.1 percent

Total sales at Myer for the first half period were down 13.1 percent to 1,398 million Australian dollars; reflecting store closures and reduced foot traffic throughout the period, particularly in the large CBD stores Melbourne, Sydney and Brisbane. The company said in a statement that comparable store sales were down 3.1 percent but up 6.3...

Business

Myer announces retirement of two non-executive directors

Myer Holdings Limited has announced that non-executive directors Lyndsey Cattermole AM and Julie Ann Morrison have decided to retire at the 2020 annual general meeting, and do not intend to seek re-election. The company said in a statement that with a view to further reducing board costs, Myer will not be seeking to replace these positions....

Business

Myer posts steep loss in FY20, sales drop by 15.8 percent

For the 52 weeks to July 25, 2020, total sales at Myer were down 15.8 percent to 2,519.4 million Australian dollars (1,831 million dollars), which the company said, reflected widespread store closures. The company added that comparable store sales for the year were down 3.3 percent, while group’s online sales rose 61.1 percent to 422.5 million...

Business

Myer rehires 20 percent of staff as online sales surge

Myer has announced that ist online business has performed strongly since the physical stores were closed on March 29, 2020, with online fulfilment now occurring at 26 locations across the store and distribution centre network. The company said in a statement that this development resulted in approximately 20 percent of team members being asked...

Business

Myer to close stores, cut workforce across store network

In response to the COVID-19 outbreak, Myer Holdings Limited will temporarily close all stores from the close of business on March 29, 2020 for an initial period of four weeks until April 27, 2020. The company said in a statement that Myer will continue to operate all online businesses and has reduced the threshold for free delivery to 49...

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Business

Myer reports 37 percent drop in first half profit

Myer’s statutory net profit fell 36.5 per cent to 24.4 million Australian dollars in the six months ending January 25 impacted by restructuring cost, redundancies and the exit of Apple products and Country Road Group brands. First half total sales at Myer were down 3.8 percent to 1.6 billion Australian dollars, while comparable store sales rose...

People

Ian Cornell to retire from Myer board of directors

Myer Holdings Limited has announced that Ian Cornell will be retiring from the Myer board at the company’s 2019 annual general meeting. Commenting on Cornell’s retirement, Myer Chairman, Garry Hounsell said in a statement: “On behalf of the board and Myer’s executive management group, I would like to thank Ian for his significant contribution to...

Business

Myer returns to profit growth as turnaround efforts continue

For its first half period to January 26, 2019, Australian department store operator Myer said total sales were down 2.8 percent to 1,671.4 million Australian dollars (1,175 million dollars); while comparable store sales declined 2.3 percent. However, Myer posted net profit of 38.4 million Australian dollars (27 million dollars) compared to loss...

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Business

Fashion giants battle continues Down Under: Premier not to make takeover bid for Myer

New York – The battle that has two of the major apparel industry players in Australia is about to take yet another turn. Earlier this week, Premier Investment’s Solomon Lew said in an interview that the company he heads “has no interest in making a takeover bid” for competitor Myer. It’s worth recalling that Myer’s AGM will take place next week....

Business

Former House of Fraser’s CEO takes the reins at Australian department stores Myer

Former House of Fraser’s executive and experienced fashion retail expert John King has been appointed CEO at Australian department store operator Myer. King held the reins at British fashion label House of Fraser, a business he restructured and eventually sold to Sanpower in 2014. Commenting the appointment, Myer Executive Chairman Garry...

Business

Myer plunges to 476.2 mn Australian dollars net loss in H1

Myer Holdings Limited for the 26 weeks to 27 January 2018 reported 49 percent surge is online sales but total sales for the period declined 3.6 percent to 1,719.7 million Australian dollars (1,323.4 million dollars), while comparable store sales were down 3 percent. The company recorded a statutory net loss after tax of 476.2 million Australian...

People

Myer CEO and MD Richard Umbers steps down

Myer Holdings Limited has announced that chief executive officer and managing director, Richard Umbers, has stepped down from his role. The company added that Chairman Garry Hounsell, has been appointed as Executive Chairman with immediate effect, while a search commences for a new chief executive officer and managing director. Commenting on the...